- Theta Gold Mines (TGM) receives firm commitments to raise $2.3 million through a placement for its TGME Underground gold mine project in South Africa
- The company will issue about 35.38 million new shares at 6.5 cents each, under its placement capacity
- The money will be directed toward preliminary development and planning activities for the project
- In addition, it will assist with securing project permit approvals, general working capital, corporate overheads, and bond interest and loan repayments
- Shares are trading 5.49 per cent lower at 8.6 cents each as of 1:43 pm AEST
Theta Gold Mines (TGM) has received firm commitments to raise $2.3 million through a placement for its TGME Underground gold mine project in South Africa.
The company will issue about 35.38 million new shares to institutional, sophisticated and professional investors at 6.5 cents each, representing a 6.73 per cent discount to the 15-day volume-weighted average price.
The money will be directed toward preliminary development and planning activities for the project.
In addition, the funds will assist with securing project permit approvals, general working capital, corporate overheads, and bond interest and loan repayments.
Chairman Bill Guy said following the completion of the definitive feasibility study, Theta Gold Mines can advance towards gold production.
“The company and its debt advisors are busy preparing the TGME Project Information Memorandum and banking model to discuss potential funding solutions with numerous potential project financiers in the coming weeks and expects to receive funding term-sheet during this quarter,” he said.
Shares were trading 5.49 per cent lower at 8.6 cents each as of 1:43 pm AEST.